COMPILERS’ NOTE
It is not very often that one comes across a qualified opinion for a bank, since banking is one of the most regulated sectors and there are multiple ‘checks and balances’ – both internal and external. Given below is a Qualified Opinion for a bank where a qualified opinion has been issued on account of possible effects of undetected misstatements on the financial statements due to the inability to obtain sufficient and appropriate audit evidence which is material but, not pervasive either individually or in aggregate regarding the allotment of equity Shares to employees by the Bank under the Employee Stock Purchase Scheme.
JAMMU AND KASHMIR BANK LTD
From Independent Joint Auditor's Report on audit of annual standalone financial results and review of Quarterly financial results for the year and quarter ended 31st March, 2023. Qualified Opinion and Conclusion
BASIS FOR QUALIFIED OPINION
We draw attention to the matter described below, the possible effects of undetected misstatements on the financial statements due to the inability to obtain sufficient and appropriate audit evidence which is material but, not pervasive either individually or in aggregate.
